Japan – MHI Completes Acquisition of Concentric, LLC

Oct 4, 2023 | Business

Mitsubishi Heavy Industries, Ltd. (MHI) completed the acquisition of 100% of Concentric, LLC, a top provider of industrial power solutions in North America, from OnPoint Group on October 2.

Concentric will take steps under its new ownership as a member of the MHI Group to promote zero emissions, energy conservation and electrification with the aim of improving the service provided to customers of its North American data centers, logistics warehouses and industrial facilities. It will also utilize the cutting-edge technology and knowledge gained through its partnership with MHI to provide sustainable power solutions.

As the world transitions to digital technology, demand for data centers is growing, and the industry is grappling with the issue of how to adopt zero emission power sources and conserve energy. MHI Group aims to solve this issue by providing total energy solutions that offer data centers a one-stop service encompassing power systems, cooling systems, and control and monitoring.

Concentric’s maintenance and service functions will be key to ensuring efficiency and sustainability throughout the whole system and adapting quickly to changes in customers’ needs. MHI is confident that forming an alliance with a company that has a customer network spanning the entirety of North America will be a major step toward energy optimization in data centers and logistics warehouses, leading to a reduction in CO2 emissions.

As a member of MHI Group, Concentric will meet customers’ expectations to an even higher level and strengthen its response to social and environmental issues. Together, MHI and Concentric will utilize their respective technologies and know-how to provide cutting-edge solutions for customers not only in North America but around the world.

About ConcentricFounded in 2000 and headquartered in Carrolton, Texas, Concentric is a full-lifecycle power system solutions provider with bases across North America. The company’s signature solutions, GuaranteedPOWER® and PerpetualPOWER® are industry firsts, enabling leading facilities from manufacturers, distributors to data centers to improve safety and consistency through a fixed cost program delivering 30% average total cost savings. For details, see concentricusa.com.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

CCI approves acquisition of equity securities amounting up to 10% in YES Bank by Verventa Holdings

Oct 21, 2022 | Business


The Competition Commission of India (CCI) approves acquisition of equity securities amounting up to 10% in YES Bank by Verventa Holdings


Verventa Holdings Ltd. (Acquirer) is an investment holding company. Currently, it does not have any operations in India.


YES Bank Limited (Target) is a banking company engaged in providing a wide range of banking and financial services.


The Commission approved the Proposed Combination relating to the acquisition of equity securities amounting to up to 10% of the total paid up share capital and voting rights of the Target by the Acquirer (Proposed Combination).


Detailed order of the CCI will follow.


****


RM/PPG/KMN




(Release ID: 1869750)
Visitor Counter : 552











CCI Approves Acquisition of Citrix Systems, Inc.

Jul 5, 2022 | Business


The Competition Commission of India (CCI) has  approved the acquisition of Citrix Systems, Inc. (Citrix) by funds managed by Vista Equity Partners Management, LLC (Vista) and funds and investment vehicles managed by Elliott Investment Management L.P. (Elliott)


The proposed combination relates to acquisition of Citrix by funds managed by Vista and funds and investment vehicles managed by Elliot approved by the Commission in its meeting held on 17th June, 2022. The proposed combination will be implemented pursuant to an Agreement and a Plan of Merger entered into and among Citrix, Picard Parent, Picard Merger Sub, Inc. (a wholly owned subsidiary of Picard Parent) and TIBCO Software Inc. (TIBCO). Specifically, TIBCO, a Vista controlled portfolio company will combine with Citrix, and Vista and Elliott will ultimately acquire joint control of the combined Citrix/TIBCO business.


The names of the parties to the combination are:


(a) Elliott Alto Aggregator GP LLC (Elliott Aggregator)


(b) Picard Parent, Inc (Picard Parent);


(c) Picard HoldCo LLC (Holdco); and


(d) Citrix Systems, Inc. (Citrix).


Vista and Elliott have been collectively referred as Acquirers. The Acquirers and Citrix are collectively referred to as the Parties.


Vista is a US-based investment firm focused on empowering and growing enterprise software, data and technology-enabled businesses. Vista controls a number of portfolio companies that are active in the provision of IT services such as the provision of business software.


Elliott is a US-based investment firm whose flagship fund, Elliott Associates, L.P., was founded in 1977. Elliott employs a multi-strategy trading approach that encompasses a broad range of strategies, including, without limitation: equity-oriented, private equity and private credit, distressed securities, non-distressed debt, hedge/arbitrage, real estate-related securities, commodities trading and portfolio volatility protection.


Citrix is a multinational enterprise software company headquartered in Florida, United States of America. Citrix is focused on helping organisations deliver a consistent and secure work experience. Citrix delivers a digital workspace solution that provides unified, reliable and secure access to all work resources (apps, content, etc.) and simplifies work execution and collaboration across every work channel, device, and location. Broadly, Citrix is mainly active in (i) desktop virtualization space, (ii) workspace solutions, and (iii) networking and IT security software.


RM/MV/KMN




(Release ID: 1839373)
Visitor Counter : 627











IBI Announces Acquisition of Strategic Property Investment in Europe

May 28, 2022 | Business

IBI Group Holdings Limited (“IBI” or the “Group”; Stock Code: 1547), an investment holding company which specialises in the built environment including subsidiaries providing contracting services, distribution of high-tech and innovative building products including energy efficient lighting and air quality monitoring devices, has concluded the acquisition of a strategic property investment in Dublin, Ireland (“Acquisition”), through its indirect subsidiary, IBI International Investment Holdings Limited (“IBI International Investment” or the “Company”) at the consideration of approximately HK$113 million.

IBI has acquired Adelaide Chambers within the heart of Dublin city centre’s central business district for strategic investment purposes

The Group has been looking in detail at a wide range of investment opportunities to generate stable cash flow and income. The Acquisition is a multi-tenanted period building located at Adelaide Chambers, Adelaide Square, Peter Street, Dublin 8, Ireland (“Property”) within the heart of Dublin city centre’s central business district, situated 400-metres West of St. Stephens Green. With a 4-storey over basement and modern 4-storey extension to its eastern side, the Property provides over 19,600 sq. ft. of commercial office space and 31 basement car parking spaces. The Group believes there is significant potential for capital appreciation of the Property in the future, as a result of property upgrading works and lease renewals.

Mr. Neil Howard, Chairman and CEO of IBI, said, “We have been exploring a wide variety of strategic investment opportunities that will bring significant additional value to the Group and our shareholders. Leveraging our strong financial position, we believe the Acquisition is an excellent opportunity for IBI to enter the property investment sector in Ireland, one of Europe’s major commercial and tourist centres. Given the economic importance of Dublin’s central business district and the development prospects of the Property, we are confident and pleased that the Acquisition will generate an additional, stable stream of income for the Group.

About IBI Group Holdings Limited (stock code: 1547)
IBI Group Holdings Limited is a listed holding company on the Main Board of the Hong Kong Stock Exchange and the Group is principally focused on investments in the built environment. The core investment sectors of the Group include a building and fitting-out contractor, a business providing innovative and energy efficient lighting and air quality monitoring products and, an investment entity looking at opportunities in property development and other built environment opportunities. The mission of the Group is to deliver premium products, services and customer experiences with a strong influence of innovation, sustainability and environmental sensitivity.

For more information, please refer to IBI’s website: https://ibighl.com/.






Topic: Press release summary

Defence Acquisition Procedure 2020 amended to promote ‘Make in India’ & ‘Aatmanirbharta’ in defence

Apr 26, 2022 | Business


To further promote ‘Make in India’ and ‘Aatmanirbharta’ in defence and enable Ease of Doing Business, Defence Acquisition Procedure (DAP) 2020 has been amended based on the approvals accorded by Defence Acquisition Council (DAC) in respect of the following:


·      Going forward all modernisation requirements of the Defence Services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of procurement. Import of defence equipment/sourcing from Foreign Industry of capital acquisitions should only be an exception and undertaken with specific approval of DAC/Raksha Mantri.


·      As advised by Ministry of Finance and to reduce financial burden on the Indian Defence Industry whilst maintaining financial safeguards, requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with. Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than Rs 100 crore. EMD will be valid for the selected vendor up to signing of contracts and returned to remaining vendors post declaration of selection. Post contract, Integrity Pact will be covered through the Performance Cum Warranty Bank Guarantee (PWBG). Further, as per extant Government of India policy, EMD is not required from Micro and Small Enterprises (MSEs).


·      To encourage wider participation and broad base indigenous defence manufacturing sector in the country, the total order quantities in acquisition cases are to be split between shortlisted vendors, wherever viable. Further, the other technically qualified bidders who have not been awarded contract will be issued a certificate by the Services indicating that the product has been successfully trial evaluated, to facilitate vendors to explore other markets.


·      To create an ecosystem which fosters innovation and encourages technology development in Defence by engaging R&D institutes, academia, industries, startups and individual innovators, the iDEX framework was launched by Prime Minister Shri Narendra Modi in April 2018. Existing provisions of DAP 2020 links the procedures of Staff Evaluation, CNC and award of Contract for iDEX procurement, to the procedure in ‘Buy (Indian- IDDM)’, which entails a long period of approximately two years before placement of the order. To enable the budding startup talent pool of the country to contribute towards the twin mantras of self-sufficiency and indigenization, the procurement process under iDEX procedure of DAP 2020 has been simplified. With this simplification, time taken from grant of AoN to signing of contract will be reduced to 22 weeks.


·      Make-II procedure of DAP-2020, involving indigenisation of defence equipment through industry funded projects at prototype development stage, has been simplified by incorporating Single Stage Composite Trials of prototypes and dispensing off with quantity vetting and scaling for initial procurements in the delegated cases. Post simplification, the timelines in Make-II procedure will be reduced to 101-109 weeks from an existing total time-period of 122-180 weeks.


 ******


Nampi/Savvy




(Release ID: 1819937)
Visitor Counter : 1056